Popular Cities for Real Estate Purchase in Alberta

The real estate market is booming all over Alberta. With its economy becoming the leader of the Canadian economy and new businesses coming up in Alberta new job opportunities are emerging too in the province. This has been drawing in thousands of people every month to the province. Such people are seeking accommodation especially in the main cities of Alberta like Edmonton and Calgary.

Alberta's capital Edmonton- a hot real estate market

The real estate market in Edmonton is real hot with the average price of a home in Edmonton being up by 39 percent over the past one year. Homes are now being sold with multiple offers and over the list price. The primary reason for this hot market is the growing number of jobs. With the oil industry in Alberta being on the verge of expansion job prospects are growing further.

Presently, the rate of employment stands the highest in thirty years. Availability of more jobs has meant more people moving into Edmonton for accommodation as this city offers a comparatively cheap property price (compared to Calgary). Besides, there have been very low vacancy rates prevailing too. The low rental vacancy rates and relatively low prices had been drawing in investors in real estate in the city. However, the enormous demand has of late been causing hike in prices.

A booming real estate market in Alberta's oil capital Calgary

After overcoming its slow period in the late 1990s the Calgary real estate market has, ever since, been displaying the characteristic features of a hot market. The surging economy of Alberta that had attracted workers from all over Canada for engagement in oil and high tech sectors had been instrumental in increasing the demand for real estate in Calgary.

Alberta has the largest recoverable reserves of crude oil other than the Middle East while Calgary is considered to be the oil capital of the province of Alberta. Thus, there has been the need for almost all oil exploration and development companies to set up a presence in this city. No wonder why real estate for accommodating the offices and personnel of the oil concerns has been in great demand for pretty long in Calgary.

In recent times, with increasing difficulty in oil procurement from parts of the Middle East, the importance of Alberta's oil reserves has further increased. This coupled with the rise in oil prices owing to a number of reasons has brought about an unprecedented economic boom for Calgary as an oil center. This has been accompanied with great employment opportunities evolving and has contributed to the hike in prices of real estate owing to unprecedented demand.